The Pound to Canadian Dollar (GBP/CAD) exchange rate climbed to a multi-week high last week as falling oil prices weighed heavily on the commodity-linked ‘Loonie'. At the time of writing, GBP/CAD was trading around CA$1.8645, up roughly 1% on the week.
GBP/USD is falling on Monday as the US dollar strengthens on renewed geopolitical tensions, while mounting political pressure on Keir Starmer weighs on sterling.
On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from 1.3635 after a decent increase. The British Pound traded below 1.3600 to again move into a short-term bearish zone against the US Dollar.
Intraday bias in GBP/USD remains neutral as sideway trading continues. Further rise is expected with 1.3453 support intact.
Pound Sterling Price News and Forecast: GBP/USD attracts some dip-buying at the start of a new week
GBP/USD Price Forecast: Sticks to negative bias below 1.3600 as Iran tensions underpin USD
The GBP/USD finished this past week showing it had the capability of sustaining a higher realm going into this weekend near the 1.36275 mark.
The Pound to Dollar (GBP/USD) exchange rate found support below 1.32 in April and has rallied to 1.36 amid a combination of higher UK yields and a weaker US dollar. Mizuho expects the dollar will regain ground as market fears return while it is sceptical that UK resilience can be sustained.
The US dollar softens as rates continue to dip. That being said, this is a choppy environment overall.
GBPUSD managed to pass above the resistance of 1.3485 to meet the first target at 1.3580. As we see over the chart, the market is facing the first support zone at 1.3485, where if prices remain above it, more advance will be expected with resistances at 1.3580 and 1.3710-35.
The US Dollar eased slightly as the month-old US-Iran ceasefire holds steady and tanker traffic resumes through the Strait of Hormuz, reducing safe-haven demand. DXY tests $97.61 support while EUR/USD defends $1.177 and GBP/USD climbs inside its ascending channel.
EUR/GBP: Local election fallout keeps Pound fragile – ING